"Are you sure that the the 401k plan is actually a different one than that at your current employer?Were you planning on a rollover to the new company's 401k plan or to an IRA? If to an IRA you can definitely not take out a loan against it. If to a new 401k plan it will depend on the provisions of the plan and you would need to check with the employer or whoever administers the plan."

Not sure if its the exact same 401k or not. I know that my 401k doesnt show my employer--- it show the loosely affiliated umbrella entity in the title bar.

I would either leave my 401k where it is, or roll it over to the new company... I dont see any case where I would roll it to an IRA

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